How do you use a joint bank account?
There are different ways that you can operate a joint account with your partner, and how you choose to do so will depend on how you both want to manage your money. Take a look at the following scenarios for two possible ways of utilising a joint savings account.Scenario 1
William and Francesca are in a relationship and have been living together for one year. Both partners have their salary paid into their own personal account, and they each transfer €1,000 into the joint bank account every month for their rent, utilities and other shared expenses. The money kept in their personal accounts is theirs to use as they please.
Scenario 2
Hans and Emma have been married for 20 years and all of their income goes into their joint account. Each month they have direct debits and mortgage payments coming out of this joint account. They also utilise their joint bank account for all other spending, including groceries, entertainment and personal expenditure, as they have built a level of trust and agreement on how they spend their money together.
